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Thursday 21st August 2008
While Payment Protection Insurance (PPI) was in the headlines earlier this year it seems as though the FSA is still very much on the trail of those who sell cover which is either unsuitable for customers or offers an excess level of protection.
The latest company to feel the wrath of the FSA is Park’s of Hamilton the motor dealer which has been fined just over £60,000 for selling customers the very highest level of PPI cover (attracting the largest commissions available for the group) without due consideration of their situation or ‘fair’ requirements. Even though the fine of just over £60,000 may seem a little low for a group which earned over £150,000 in PPI commission over the three year period in question, it is more a statement of intent.
The fine is fairly irrelevant for the companies involved as it is more the negative press coverage which is likely to hit their businesses hardest. When you also consider that the Park’s of Hamilton case involved just 714 customers this could have been much worse with records showing that a further 21,570 customers were offered the PPI option.
Is word getting through to the consumer about the risks of PPI or is money just too tight at the moment? |
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